Hanmi Financial Corporation reported unaudited consolidated earnings results for fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total interest and dividend income of $55,784,000 against $47,312,000 a year ago. Net interest income before provision for loan losses was $46,343,000 against $42,065,000 a year ago. Net interest income after provision for loan losses was $46,123,000 against $41,914,000 a year ago. Income before provision for income taxes was $24,548,000 against $24,027,000 a year ago. Net income was $11,500,000 or $0.36 per basic and diluted share against $14,416,000 or $0.45 per basic and diluted share a year ago. Return on average assets was 0.88% against 1.26% a year ago. Return on average stockholders' equity was 8.12% against 10.84% a year ago. Tangible common equity to tangible assets was 10.58% against 11.05% a year ago. The year-over-year improvement in net interest income reflects the 18.0% growth in average loans and leases. Tangible common equity per common share was $16.96 against $16.03 a year ago. Excluding onetime adjustment, fourth quarter net income of $0.48 per diluted share was up by $0.02 or 4.4% compared with the prior quarter, as interest income from the growth in portfolio of loans and leases more than offset lower PCI gains in the quarter and slightly higher noninterest expense from opening of a new branch in New York City in the fourth quarter. Compared to the fourth quarter last year, net income per share increased by $0.03 or 6.7%.

For the year, the company reported total interest and dividend income of $209,321,000 against $178,471,000 a year ago. Net interest income before provision for loan losses was $176,802,000 against $160,197,000 a year ago. Net interest income after provision for loan losses was $175,971,000 against $164,536,000 a year ago. Income before provision for income taxes was $95,284,000 against $89,388,000 a year ago. Net income was $54,660,000 or $1.69 per diluted share against $56,489,000 or $1.75 per diluted share a year ago.

For the fourth quarter of 2017, the company reported net charge-offs of $1.7 million against $1.5 million for the preceding quarter.